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Forum of Firms and Transnational Auditors An overview of the roles, responsibilities, and activities of the Forum of Firms and TAC June 2018 MEMBERSHIP FORUM OF FIRMS AND TRANSNATIONAL AUDITORS COMMITTEE MEMBERS AUREN OBJECTIVE OF THE FORUM OF FIRMS Baker Tilly International Limited The objective of the Forum of Firms (Forum) is to promote consistent and high- BDO quality standards of financial reporting and auditing practices worldwide. The Constantin – Serval & Associés Forum brings together firms that perform transnational audits and involves them more closely with the activities of the International Federation of Accountants (IFAC) Crowe Global in audit and other assurance-related areas. Deloitte Touche Tohmatsu Limited Ernst & Young Global Limited STRUCTURE FinExpertiza The Forum is registered as a legal entity in Switzerland. The Transnational Auditors Grant Thornton International Ltd Committee (TAC) is the executive arm of the Forum, and, therefore, provides the HLB International official linkage between the Forum and IFAC. IECnet The Forum and IFAC work together in areas such as standard setting, dialogue with JPA International the regulatory community, and promoting convergence to international standards. KPMG International Cooperative The Forum provides technical expertise to the standard-setting boards supported Kreston International by IFAC through its nominated members each to the International Auditing and Kudos International Network Assurance Standards Board, the International Accounting Education Standards Board, and the International Ethics Standards Board for Accountants. The Forum Mazars also supports IFAC’s Member Body Compliance Program and developing nations Moore Stephens International Limited initiatives to strengthen the accountancy profession around the world. Nexia International PKF International Limited ROLES AND RESPONSIBILITIES PricewaterhouseCoopers International The work of the Forum is primarily conducted by the TAC. The responsibilities of the Limited TAC include: RSM International Limited • Identifying audit practice issues. When the issues suggest that changes in Russell Bedford International auditing or assurance standards may be required, the TAC recommends to SFAI the appropriate standard-setting board that the issue be reviewed. SMS Latinoamérica • Providing a forum to discuss good practices in areas including quality Talal Abu Ghazaleh & Co. International control, auditing practices, independence, and training and development. TASK International • Identifying qualified candidates to serve on standard-setting boards. UHY International Limited • Acting as a formal conduit for interaction among transnational firms and international regulators and financial institutions with regard to AFFILIATES audit quality, systems of quality control, and transparency of international MGI Worldwide networks. RT ASEAN Network FORUM MEMBERSHIP REQUIREMENTS Membership in the Forum is open to networks and to firms upon giving notification to the Secretary of the Forum that they meet the following criteria for eligibility—namely, that they (or their constituent entities, as applicable) have transnational audit appointments or are interested in accepting such appointments. Forum members must also promote the consistent application of high-quality audit practices worldwide, including the use of International Standards on Auditing (ISAs), and support convergence of national audit standards with ISAs. Members must agree to meet the Forum’s membership obligations with respect to transnational audits, which require members to: • Maintain appropriate quality control standards in accordance with the International Standard on Quality Control, issued by the International Auditing and Assurance Standards Board, in addition to relevant national quality control standards and conduct, to the extent not prohibited by national regulation, regular globally coordinated internal quality assurance reviews; • Conduct, to the extent not prohibited by national regulation, regular globally coordinated internal quality assurance reviews; • Have policies and methodologies for the conduct of such audits that are based, to the extent practicable, on ISAs; and • Have policies and methodologies which conform to the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants and national codes of ethics. In addition, members must agree to submit to the Secretary of the Forum an annual report, in a form approved by the TAC, indicating that they meet the membership obligations set forth above. PUBLICATIONS Information Paper, Globally Coordinated Internal Monitoring Programs: Practical Considerations Information Paper, Engagement Quality Control Reviews: Practical Considerations CONTACT INFORMATION For more information about the Forum and the TAC, visit www.forumoffirms.org or contact Barry Naik, Deputy Director, Forum of Firms, by telephone: +1 212 471 8723, or email: [email protected]. 529 Fifth Avenue, New York, NY 10017 USA Tel +1 (212) 471-8723 Fax +1 (212) 286-9570 .
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